New Delhi, Sept. 1 -- India's oil refiners are expected to benefit from discounts on Russian oil even after a new price cap imposed by the European Union (EU) takes effect next month, three people in the know of the developments said.

The discounts are expected to remain at the current levels of around $3 per barrel. In July, the EU capped prices of Russian oil at $47.6 per barrel effective 3 September, 15% below $60 per barrel implemented since December 2022.

"The discounts are likely to continue in September too as the new price cap kick in. After US pressure to discontinue purchase of Russian oil, discounts somewhat increased to around $3 per barrel," said one of the two people mentioned above.

The EU's 19 July statement announcing ...